成本支撑走强，下游接货意愿偏弱

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - International crude oil prices are rising, strengthening the cost support for polyolefins. The polyolefin futures market opened higher, but downstream buyers' willingness to purchase is weak. Upstream factory inventories and trader inventories are slowly being depleted. It is currently the maintenance season for petrochemical plants, with many planned maintenance units. Recently, several previously shut - down units are expected to resume operation, leading to an upward trend in supply and some supply pressure. The situation of Sino - US tariff negotiations has eased, propane prices have declined, and the cost support for PDH - made PP remains, with a slight increase in PDH - made PP production. It is the traditional off - season for polyolefin downstream demand. The agricultural film production rate continues to decline, and the operation of other end - users is weakly fluctuating, with downstream purchasing based on rigid demand [2]. Summary by Directory I. Polyolefin Basis Structure - L主力合约收盘价为7117元/吨（+15），PP主力合约收盘价为6969元/吨（+9），LL华北现货为7160元/吨（+30），LL华东现货为7180元/吨（+0），PP华东现货为7100元/吨（+0），LL华北基差为43元/吨（+15），LL华东基差为63元/吨（-15），PP华东基差为131元/吨（-9） [1] II. Production Profit and Operating Rate - PE开工率为79.2%（+1.8%），PP开工率为78.6%（+1.6%）；PE油制生产利润为29.4元/吨（-158.0），PP油制生产利润为 - 290.6元/吨（-158.0），PDH制PP生产利润为 - 120.2元/吨（-2.9） [1] III. Polyolefin Non - Standard Price Difference - No specific content is provided in the given text. IV. Polyolefin Import and Export Profits - LL进口利润为 - 192.2元/吨（+110.4），PP进口利润为 - 401.8元/吨（+70.5），PP出口利润为12.7美元/吨（-3.4） [1] V. Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为12.4%（-0.5%），PE下游包装膜开工率为48.4%（-0.5%），PP下游塑编开工率为44.7%（-0.5%），PP下游BOPP膜开工率为60.4%（+0.7%） [1] VI. Polyolefin Inventory - Upstream factory inventories and trader inventories are slowly being depleted [2] Strategy - Unilateral: Be cautiously bearish on plastics. - Inter - period: None [3]